On Friday afternoon, cryptocurrencies plummeted, primarily for two reasons. First, the Federal Reserve's interest rate cut plans for next year are not promising, leading to a setback in U.S. stocks, which also affected Bitcoin. Second, Federal Reserve Chairman Powell stated that he would not purchase Bitcoin and has no intention of changing the law. This declaration caused cryptocurrencies to drop sharply, with Bitcoin falling below the $100,000 mark, resulting in 230,000 liquidations across the network, amounting to $672 million.
During trading, many details should not be overlooked, as slight advantageous opportunities may increase profits and mitigate risks. This includes grasping the timing of partial and full positions. Additionally, one should develop the habit of daily monitoring U.S. financial news and understanding global economic trends, which greatly aids in trend judgment.
When I conduct trend analysis, I base my predictions on current market trends combined with subsequent financial news, primarily from the U.S., to anticipate possible outcomes and clarify the major direction. Moreover, it is not difficult to cleverly respond to manipulative actions by market makers that go against human nature.
From a technical structure perspective, the daily trend is extremely weak, with bears continuously increasing selling pressure, breaking below the $98,000 threshold. This bearish trend reflects a poor outlook. The 4-hour chart shows a clear downward oscillation trend; although there was a rebound after the drop, it could not be sustained, and the Bollinger Bands indicators are opening downwards, with room still available below. Currently, there are no signs of a short-term end, and based on the trend, it is inclined to continue downward, potentially advancing towards the $95,000 or even $93,000 vicinity, so a high short strategy remains advisable.
Morning BTC short-term operation: short in the $97,000 - $97,500 range, targeting the $95,500 - $95,000 area.
The state is good, the winning streak remains unbroken. If it is difficult to determine bullish or bearish, follow the thought process, work together, and create more achievements!
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